Received this as an email:
"We’ve got some great news – we’re returning our COVID-19 claims savings back to you.
During the COVID-19 pandemic, Frank set aside funds to allow for anticipated delayed claims, but not all claims that we planned for have been made. This has resulted in us generating additional savings – so we’re giving these claims savings back to our members.
We’ll do this via a contribution on your policy, so that Frank covers your normal payment for one month.
What does this mean?
We’ll make a payment on your behalf on 10 December 2022. On this date, the paid-to date on your policy will be moved forward one month, and your standard direct debit/s won’t come out for that period.
To be eligible for this payment, your Frank policy needs to be active on 30 November 2022 and remain active at the time of payment on 10 December 2022.
There's nothing further that you need to do - we’ll sort out the admin. Easy!"
Note; conditions for membership and suspended accounts apply:
How does the one-month contribution payment method work?
Frank are covering the normal member payment for one months’ health insurance for eligible active resident policies.
Those members who held an active resident policy for a minimum of 3 months between 1 April 2020 and 30 November 2022 are eligible to receive a one-off payment. Eligible former memberships will receive a one-off payment in early 2023. The amount they receive will be based on their product holding and tenure during the eligibility period. This will be made to the policy holder on behalf of all members covered on the policy.
What about suspended memberships?
Members with suspended resident policies aren’t classified as active on 30 November 2022, and therefore don’t qualify for the one month contribution. These suspended members will, however, receive a one-off payment in early 2023. The amount they receive will be based on their product holding and tenure during the eligibility period. This will be made to the policy holder on behalf of all members covered on the policy.
I'd rather an insurer that gives money back to it's customers, rather than medibank, which gives customer medical records to hackers and then doesn't even try to get them back. Time to switch for me.